Morning Notes:

EURUSD -The EURUSD may be breaking down in wave C (or iii) within the bear leg from 13485. Objectives going forward are 12970 (low) and the 100% extension of the 13485-13096 decline at 12900. 13165 is short term resistance.

USDJPY_at_11_Month_High_-_8550_in_Focus_body_eurusd.png,

Prepared by Jamie Saettele, CMT

GBPUSD - The GBPUSD may be breaking down in wave C (or iii) within the bear leg from 15991. Objectives going forward are 15644 (low) and the 100% extension of the 15991-15696 decline at 15534. 15750 is short term resistance.

USDJPY_at_11_Month_High_-_8550_in_Focus_body_gbpusd.png,

Prepared by Jamie Saettele, CMT

AUDUSD - Late February / early March action in the AUDUSD is strikingly similar to early February action. Both drops consist of 3 waves and were followed by sharp rallies off of the lows. The current swings are one degree larger. Currently in 'no man's land', resistance is 10690-10715 and support is 10590. The suggestion from the comparison is that price is vulnerable to violent swings in both directions, perhaps even a test of the recent low (and maybe the sought after 10450). I wouldn't do anything today. Wait till next week.

USDJPY_at_11_Month_High_-_8550_in_Focus_body_audusd.png,

Prepared by Jamie Saettele, CMT

USDJPY - No change other than risk on shorts can be moved from 80 to 8055: Early March action warrants a long USDJPY position with a stop below 8000. I've no idea if the advance will extend from current levels but the reward/risk is favorable as the next objective isn't until the 100% extension of the February rally from 8001 / July 2011 low at 8550.

USDJPY_at_11_Month_High_-_8550_in_Focus_body_usdjpy.png,

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com